Cabinet clears recast of loss-making HOCL

Tribune News Service

New Delhi, May 17

The CCEA has approved a restructuring plan for Hindustan Organic Chemicals Ltd. (HOCL), a loss-making PSU.

The company, having units at Rasayani (Maharashtra) and Kochi (Kerala), has been in the red since 2011-12 resulting in acute shortage of working capital. Most of its plants have remained closed during the past few years. It could not pay salary and statutory dues to its employees since February 2015.

The restructuring plan involves closing down the operations of all the non-viable plants at Rasayani unit of HOCL except Di-Nitrogen Tetroxide plant which will be transferred to ISRO on 'as is where is' basis, with about 20 acres of land and employees associated with the plant.